Hammer Friday - 29th Jan 2010

[vinnie]

Hy

AW10 wrote :

"And today, we see the effect of continuation hammer, which is wiped out to large extent. This gives me hidden signal about the weakness of bullish trend, and strength of bearish trend..
Bullish force of Reversal hammer is yet to be tested. If bears take out the reversal hammer as well, then I know how is more strong at the moment ?"

On the other hand :

Vinnie wrote :

" BTW, after hammer a real cool Bullish engulfing (image attached) has formed which has evidently stated that bears are out of the market arena - AS OF NOW.

So Welcome to the Bull's World."

What should I think : Should I believe AW10 or should I believe Vinnie ?

Is this maybe a discussion like it is in trading ? Is trading random ? 50% are wrong and 50% are right ?

Or do I may have to focus on my mind and go my way to make a decision to pull the trigger for my next trade ?

Or is the solution to the problem may here : Implementing a strategy, which gives me up potential as well as down opportunities ?

Regards

DanPickUp

Hey DanPickUp,

I would say believe in yourself and analyze things in a strategic manner. Everyone has opinions, but remember the rule of thumb -- "nothing is free in life". So you have to pay for opinions which you hear / learn in public grounds or forums. I won't say it's free, but you pay directly / indirectly following them.

Implement a strategy which can give you profit / limited loss in neutral, bullish or bearish direction. The best way to do is to form spread and when things go against your direction convert it to ladder and break ladder wherever you seek and make profits. Keep the breakevens in mind and keep evaluating your lower or upper protection breakevens.

Good Luck!

-Vinnie

 

[pasha]

Still more downside to come, don't go bullish now.

 

[vinnie]

Still more downside to come, don't go bullish now.

How come you be so sure?? Mere statements won't justify the causes and creates reality.

-Vinu.

 

[mayavi99]

How come you be so sure?? Mere statements won't justify the causes and creates reality.

-Vinu.

I came across elsewhere on the net that 15ema of nifty has pierced down the 50ema recently. On the three earlier occassions in 2008(jan, May & Sept), when this phenomenon occured, nifty had tanked by more than 1000 points on each time.

Since I don't have a facility to backtrack nifty for three years and verify this, can somebody with charting facility check it up and give the traderji community your valued opinion. If this were to be true, then many of us may have to hedge with puts.

 

[DanPickUp]

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[oguru]

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[bandlab2]

nice discussions guys and very insightful posts from the experienced posters and thanks to all of them for sharing their knowledge , experience with others like me.

i particularly liked the idea of AW10 low risk trade idea. end of the day its always the risk reward ratio and hit ratio.

 

[vinnie]

Hy

I told you, that in my post the questions are RHETORICAL !!!

It seems to me that you do not understand, what a rhetorical question is !

A rhetorical question is a figure of speech in the form of a question posed for its persuasive effect without the expectation of a reply.

" Rhetorical questions encourage the listener to think about what the (OFTEN OBVIOUS) answer to the question must be. When a speaker states, "How much longer must our people endure this injustice?", no formal answer is expected. Rather, it is a device used by the speaker to assert or deny something. "

It means : I DO NOT CARE what vinnie or what ever name you are write about where the market could go because about that and that pattern or candlestick or what ever.

In the post before, some people tried to be right and then the other one tried to defend him self to be right. So, how to get out of this thinking as a reader from that posts ? And that is the only idea behind this post to get people out of the :

" What should I think : Should I believe AW10 or should I believe Vinnie ?

I DO NOT BELIEVE IN VINNIE AND I DO NOT BELIEVE IN AW10. WHY ?
NOBODY KNOWS, IN WHAT DIRECTION THE MARKET WILL GO. OTHERWISE HE WOULD BE AS RICH AS NOBODY ELSE.

" Is this maybe a discussion like it is in trading ? Is trading random ? 50% are wrong and 50% are right ? "

YOU ARE TWO. WHICH ONE IS RIGHT ? I DO NOT CARE ABOUT THAT. EACH ONE OF YOU HAS A CHANCE OF 50%.

"Or do I may have to focus on my mind and go my way to make a decision to pull the trigger for my next trade ?"

YES.

MEANS : YES, EVERYBODY HAS TO MAKE HIS OWN MIND AND NEVER LISTEN TO PEOPLE WHICH TRY TO GIVE SOME FREE ADVICE IN A FORUM, WHERE MARKETS SHOULD GO.

MEANS ALSO, THAT ALL WHAT YOU WRITE HERE IN THIS THREAD IS NOT ANY HELP FOR ANY TRADERS. IT IS ONLY GUESSING AND MAY ARE LUCKY, BUT NOTHING ELSE ! IT IS AN IDEA, AND NOTHING ELSE. IT IS ONE OF MANY WAYS TO LOOK AT THE MARKETS, BUT IT IS COMPLETELY WRONG, TO DO AS WOULD IT BE THE ONE. THIS IS B..........! AND IN THIS THREAD YOU DO AS WOULD IT BE THE HOLY GRAIL TO FOLLOW A HAMMER AND NOTHING ELSE.

"Or is the solution to the problem may here : Implementing a strategy, which gives me up potential as well as down opportunities ?"

YES.

THE ONLY WAY TO TRADE MARKETS IS ALWAYS TO BE IN A POSITION, WHERE YOU KNOW, WHAT YOU WILL DO WHEN THIS AND THIS HAPPENS AND WHERE YOU DO NOT GUESS, THAT YOU ARE HOPEFULLY ON THE RIGHT SIDE BECAUSE SOME FOLKS ON A FORUM SAY THAT THIS AND THIS IS GOING TO HAPPEN BECAUSE OF THAT AND THAT.

Clear ?

You do not have to answer for me any of this questions. I am aware of my self and I have my own strategies and my own mind about the market. And what I learned in my live : Do not listen to people, which try to predict markets. NEVER

Regards

DanPickUp

Huh?? too much English with capitals.... Seems like someone needs to visit dictionary to read this post, but for sure NOT ME...Just cool off..

If you are too much RHETORICAL about market, then why are you wasting time here. I, AW10 or anybody else didn't persuaded you to follow our words. And I DON'T CARE of what it seems to you that what I understand or not understand and I will never CARE.

Also I replied not because I want to help you or any trader in this forum. DID YOU EVER HEARD ANYONE HELPING ANYONE IN GETTING RICH -- AT LEAST NOT ME. With that said.... I replied on what RHETORIC'S were expected and what things work in market and can be applied by extending self logical thoughts.

We are not writing agreements here to sign and stick to it. You can very well ignore and use your own mind (As you are claiming to do so!!!).

If you need to argue then better follow the posts which are suitable for you. You are stuck with the thought that we are just following hammer which is not the case at all.

-Vinnie

 

[DanPickUp]

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[vinnie]

Hy vinnie

Here my two cent for you :

I would say believe in yourself and analyze things in a strategic manner. Everyone has opinions, but remember the rule of thumb -- "nothing is free in life". So you have to pay for opinions which you hear / learn in public grounds or forums. I won't say it's free, but you pay directly / indirectly following them.

Keep this in your mind for the future.

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AW10 knows me and I respect his professional views.

Vinnie, you wrote to him in post 11 :
"If you read it by paying with more close attention. What you are viewing and posting is "YOUR OWN" stuff.. which may work for you but not for the one ....as you mentioned "at least 1 trader (more is better)"

This suite you and not AW10

Regards

DanPickUp

I don't need 2 cents from anyone coz I can earn it very well by myself. And I also know what suites me very well.

Finally I would say that let's limit our discussion to what Oguru has started which inadvertently means giving respect to the thread and it's topic.

I would see and reply to the one who has relevant views.

Thanks for your time.

-Vinnie.